In some threads, folks have opined that making provisions for one’s horse(s) is a good, responsible idea in case of owner’s untimely demise.
Please share your knowledge and “how to”. How to write it up so non-horsey folk with good intentions (and reasonable funds) can carry it out.
How is amount of reasonable funds and time for responsible re-homing is arrived at for sound, sane, non-made but useful horses? How to provide best guidance for that?
I have a significant life insurance policy. I am only in my mid-20’s, so locking in a 15 year policy was VERY affordable. I think $500k for only $200/year? Something crazy like that.
A certain portion of the funds will go to my mother, who has similar animal care standards as me.
My mother is not at all horse savvy, so my will has a trusted horse friend (and a backup) as the contact person to help make decisions about my horses. My gelding is 17, and my pony is 15 but will live forever because he’s a mule and a pony. The gelding is my childhood horse who I’ve had for 11 years and counting, and the mule I’ve had for six and was a slaughter rescue…they don’t deserve to be rehomed. I feel confident that the amount I’ve left for them will keep them boarded at safe, reputable places even if it is for the next 10-15 years, even if prices climb higher than they are. (I have also left my top three choices of facilities for them to be boarded at.) My will CLEARLY states that they are not to leave my mother’s ownership.
The two cats and two dogs are easier to “absorb” into the family network. The cattle dog with seizures racks up a $1000 bill at the emergency vet at least once a year, and I don’t want anyone to ever feel guilty/stressed about paying for her bills thinking that they need to “do it for me” when that’s not in their budget. So all the small animals come with their own chunk of change as well.
The rest of the funds are split between my parents and a good friend.
I am comfortable with my plan. I am not sure exactly what I would do if I didn’t have a trusted family member who could handle everything in a way that I agree with. Perhaps contract with a long-standing rescue or retirement facility, who would agree to take them on with funds?
Edit: I picked the 15 year policy, because it will likely “outlive” either of my current equines. By the time it expires, I’ll be in my mid-30’s and will HOPEFULLY have my savings situation worked out a little better! At least enough set aside to take care of any smaller animals. If I have a younger horse by that point, and don’t feel comfortable with the $$ situation should I pass, I’ll just get another policy.
When I have looked into this, it became clear that the legal instrument one needs is a trust rather than a will. Wills grant ownership of things to people; your horses become someone else’s property (and their problem). A trust, on the other hand, sets aside funds, specifies your wishes and appoints people to carry those out.
Above all, make sure you HAVE a will! Otherwise probate can order all your assets sold, and that includes the horses.
I discuss with boarders (some of whom have been in poor health) setting up a trust to care for their horse while it stays in the ownership of their designated heirs. We come up with the figure it takes annually, factoring in board, routine vet care, a couple of non-routine farm calls, and eventual euthanasia and burial.
These are retired horses, so the expenses tend to be reasonable. I tell them to calculate for a life expectancy of 35 years and to also have a horsey friend who will be the designated “Responsible Party” to make decisions in the event of a serious injury or illness. It is understood that no heroic means will be undertaken like colic surgery; in that case the horse would be put down. Tends to make everybody sleep a little better at night!
TRAIN your horses to make them marketable.
Geld your horse to prevent unplanned breedings.
Don’t wait until $hit hits the fan to rehome/sell/give away if things are not going well for you. Plan in advance, what you will do if you lose job/have health issues. Better yet, don’t buy a horse until you have enough savings to live on for 6-12 mo, and an extra thousand or so for vet fees/euth.
I think in general, it has less to do with not having money to euth, and more to do with ignorance, or wanting to bury their head in the sand about what happens at low end auctions, and being too lazy to market them. If someone’s horse broke a leg, they would somehow HAVE to come up with the money to euth/dispose of them. So the money is there. It’s just for the reasons above, that they send to auction…laziness, ignorance, head in sand, greed.
Lady who owns the horse I PB has a trust for the horses, and instructions for husband and BO (who has been her BO for many years) to sell to good homes. The trust covers their keep for quite a while (I think it covers all three of them for at least a year) to give time for things to get in order and for them sold.
We just have two dogs. We do have sizable insurance policies (about 400K each between personal plans and work plans). There is a standing agreement that either my in-laws or sister-in-law would take them, and there should be more than enough money to cover them!!
Thank you for your thoughts, they have helped a lot ( me at least).
Are there any templates or “samples” of such trusts? Does not have to be specifically horse, I suppose, other animals would do.
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